Prishtinë, 29 March 2023 – On the third day of Arbitration Week, arbitration experts gathered to discuss the importance of recognizing and implementing decisions made during the process of arbitration, as one of the most crucial elements in this legal process after a dispute has been resolved.
During the discussion, Erblina Krasniqi Prishtina, a lawyer at Prishtina Law and also the moderator of this event, posed the question of why businesses should follow arbitration procedures instead of regular court procedures.
Fisnik Salihu, the arbitrator at AmCham’s Arbitration Center answered that businesses and large corporations prefer to choose arbitration as an alternative method for resolving disagreements in case there is a contest between the signatory parties. He further added that arbitration provides multiple advantages and parties that chose this legal path are satisfied with the results.
This is probably because the arbitrators are specialized, and the parties can choose their own arbitrator, which basically means they choose the judge for their case. The moderator later referred to the law for foreign investments in Kosovo, where the state of Kosovo has given up following the procedure in the courts. With special provisions in that law, it has determined that the foreign investor can automatically go to arbitration.
Visar Ramaj, Lawyer at RPHS Law said that a country can be a party to arbitration in two capacities, first as a party to a contract, and second as a guarantor of the stability of foreign investments. On the subject of recognizing decisions made in the arbitration process, he stated that the Commercial Court has increased its focus on this matter. Fisnik Salihu added that the law on the commercial court foresees an innovation, whereas the law foresees that the commercial court includes a special division related to the handling of disputes between foreign investors.
During this event, Ramaj highlighted that the advantages in Kosovo are the legal structure and the applicable laws that are in line with the best standards and also the Arbitration Center near the American Chamber of Commerce in Kosovo which is a center with integrity.
With the commercial court’s increased focus on the recognition of arbitration decisions, Kosovo is well-equipped to handle disputes between foreign investors.